HomeMy WebLinkAbout252e(RDI NANCE NO. 2tLI
An ordinance of the City of Kent, authorizing the mayor sad city clerk
to issue local lmproverphnt bonds for the improvement of Meeker AVOUS
from the tricks of the Seattle -Tacoma InterurbanRailwayto Washington
Street,in said City,as ordered by ordinance No. , y Thich 1600&1
Improvement District No.1081was created,prescribing the rate of
interest the said bonds shall bear.the date of their issue and of
their maturity adopting a form therefor,authorizing their delivery
to the contractor constructing said bmprovement,and directing their
registration by the City Clerk.
THE CITY COU14CIL OF THE CITY OF KENT DO ORDAIN AS FOLLOWS:
section 1. That the mayor and city clerk of the City of Kent be
and they are hereby authorized and directed to execute and issue
local improvement bonds upon the property included in Local Iraprowr
ment District No.108,of the said City,which district was created 1y
ordinance N0.2378thereoffas provided by law and the ordinances of
_ a
the s aid City of Kent, in the aggregate amount of k /3 7 � _
Section 2. The said bonds shall be in denominations as follows:
Bonds numbered from 1 to 1-3 shall be for the sum of One Hundred
dollars each,and bond numbered /,,t shall be for the sum of 9 —
Said bonds shall be issued on or after the lst.day of January A.II
1911, shall bear interest from and after the date of issue to tho
time of payment at the rate of eight per cent.per annum,payable
annually on the lst.day of January,which interest shall be evidenod
by interest coupons attached to each of said bonds, the first of w*h
coupons shall be for the amount of interest upon the bond to which
it is attached to the l.st.day of January A.D.19128and each of the
remaining coupons ahall be for one years interest upon such bond.
Such coupons shall be subject to all the terms and conditions of
the bond to which they are attaohed,and if any bond shall be ca&W
for pay -went before the maturity of any coupon thereto attached suds
coupon shall become void.
Section 3. The bonds issued under the provisions of this ordina=
or such portion thereof as shall be necessary to pay the contractor
for said improjaement ,may be issued direct to the conttoctor,and eVxll
be delivered to him by the mayor and clerk at such times and in
such amountis as shall be allowed upon said contract price by the
City Council from time to time,upon claims presented by the said
contractor accompanied by estimates of the City Engineer authoriz-
ing the payment of the same in accordance with the terms of the cal -
tractor entered into.
Section 4. The said bonds shall be in the following form;as nea*ly
as practicable;
LOCAL I-."PROVE''ENT BOND
OF
THE CITY OF KENT.
No. $100.00.
THE CITY OF KENT,a municipal corporation of the third
class,of the State of Washington,hereby promises to pay to
bearer, the sum of
3 -- -- ) , dol lar s
lawful money of the United State of merica,with interest thereon
at the rate of eight per cent.per annum,payable annuaily,out of
the fund established by ordinance �4o.241 of said city,known as "Loakl
Improvement Fund No.108",and not otherwise,both prindpal and interest
payable at the office of the City Treasurer of said City of Kent.
A coupon is hereto attached for each installment of interest to
accrue hereon,and said interest shall be paid only on presentation
and surrender of said coupon to the said City Treamwer of said Clay
of Kentobut in case this bond is called for payment before its matte
rity,each and every coupon representing interest not accrued at the
time of such payment as called shall be void.
This bond is payable on or before the 15t.day of January A.M935 ,
and is subject to the call of the treasurer of the said City vdienevesr
�orechall be sufficient money in said local improvement fund to W
e sameand all unpaid bonds of the series of which this is one,whoh
are prior to this bond in numerical order,over and above sufficiera
for the payme rt of interest on all unpaid bonds of said series.
The City Council of said City as agent for the said local improvement
district No .104, established by =at't ordinance iio.237,has caused this
bond to be issued in the name of the said City as and for the bond
of the said local improvel.nen', district, the bond to -be applied in part
payment of the cost and expense of the improvement in said district
under said ordinance 111o.237,which has been levied and assessed against
the property included in the said local improved district,and ben.
efitted by the said i nprove,nent; and the holder, or molders of this bond
shall look to said local improveMent fund only for the payment of the
principal and interest on this bond.
The call for payment of this bond shall be made by the City Treasurer
by publishing the same in the City Official Newspaper,and when such
call is made for the payment of this bond it will be paid the day the
next inter-st coupon thereon shall become due after said call,and upon
said d ay interest on this bond shall cease.
This bond is one of a series of bonds aggregating the sum of
Doalar a, ( $—.,- - _),issued for said local
improvement district,all of which bonds are subject to the same teras
and conditions as are herein expressed.
virtue of the
act of
he
(N.B.This bond,ls issued fyV�ashington,entitled,"Annactf suthorisingtthe
legislature of the state o for local improvemen ts,pro�al
issuance and sale of bonds by cities to pay roved by
viding f or ' the Payment thereof and declaring an emergency" app
,arch 14th.1899,section 9 of which act reads as follows;
issued under the
"Section 9. Neither the bD*der of owner of any o
authority of this act shall have any
theipsecislfor against the assessment madeCfor the
'which the Same is issued exe�sp
improvementamewhich such bond is issued,but his remedy in case of�non.
forCOPY
payment,shall be confinedto to the enforcemwritten,intedent ofsorhengraved onseach
of this section shallplainly
bond so issued.").
IN WiT'E S3' WHEREOF the said city itcityhas
clerkcaused
andthese
sealedpresents
its corpo�a�
by its mayor and attested y i
seal this January lst.1911. THE CITY OF KENT
(-gorporate Seal)
7 The coupons attached
?nearly as practicable;
I
140.6
By. _ _ __. ----_Mayor
Mayor
Attest
City Clerk.
to said bond shall be in the following form as
INTEREST COUPON.
On the let.day of January 191 THE CITY OF KENT will pay to
the bearer hereof at the office of the City Treasurer the sum of
eight dollars,the same being for interest due on that day upon bond
No. of the bonds of Local I:liprove:nent District No.108, of the said
City of Kent, from Local Improvement Fund No.108,and not otherwise;p
rovlA
ed that this coupon is subject to all the terms and conditions contain-
ed in the bond to which it is attached,and if said bond be called for
payment before the maturity hereof then this coupon shall be void.
(Corporate deal-)
Mayor of the CEi of Kent.
Clerk of the City of Kent.
Section 5. The City Clerk spall keep a register of such bonds in which
s. -tall be entered the name of the local improvement district,the dote,
amount,nurnber and maturity of each bond,the rate of interest,when payablf
and the date of redemption.
Section 6. The said bonds shall be printed,lithographed or engraved
on a good quality of bond paper and the clerk of the City shall have
the sarae prepared for the signatures of the proper officers of the City
forthwith,upon the taking effect of this ordinance.
Passed the Council January Y 1911.
Approved by the mayor,Januaryy 1911.
�f Mayor.
Attest Z'
Citv (11 Prk_